FalconX Adds To Solana Stash: $28.39M In SOL Pulled From Binance

[Ben Graham]

Solana is once again in the spotlight after surging past the $240 level, marking a strong recovery and renewed momentum for the altcoin. Bulls appear firmly in control, but analysts caution that the next critical resistance lies at $270, a level that must be reclaimed before Solana can realistically attempt to retest its all-time high. The move underscores the growing confidence in SOL as one of the leading players in the market, particularly as institutional activity adds fuel to the rally.

Fresh data from Lookonchain highlights this trend, revealing that institutions continue to accumulate SOL, signaling sustained confidence in the token’s long-term potential. This influx of capital aligns with broader bullish sentiment across the market, where traders are increasingly positioning for higher valuations.

Beyond technicals, fundamentals also support Solana’s rally. The network continues to post strong activity levels, with robust developer engagement and rising usage in areas such as DeFi, NFTs, and real-world applications. Together, these factors suggest that SOL could extend its momentum in the coming weeks.

Institutions Double Down on Solana Accumulation

Solana continues to attract institutional attention, reinforcing its position as one of the leading assets in the crypto market. According to Lookonchain, FalconX executed another massive withdrawal just four hours ago, moving 118,190 SOL (worth $28.39 million) from Binance. This follows an even larger transfer reported yesterday, when the same institution withdrew $98 million worth of SOL from multiple exchanges, including Binance, OKX, Coinbase, and Bybit. The back-to-back moves underscore the rising confidence of institutional players who appear to be positioning themselves ahead of what many expect could be a new expansion phase for the market.

Such consistent accumulation adds strong support to Solana’s price outlook. Investors often interpret large institutional withdrawals from exchanges as a signal of long-term conviction, since assets moved off centralized platforms are typically intended for custody or staking rather than immediate resale. With Solana already trading above $240 and bulls eyeing the critical $270 resistance level, these developments strengthen the case for further upside momentum.

The timing is also crucial. The Federal Reserve’s recent 25bps rate cut has shifted market sentiment, propelling risk assets into a new phase of optimism. With liquidity flowing back into the system and institutional players aggressively accumulating, Solana could emerge as one of the top beneficiaries of this renewed bullish environment.

Technical Details: Testing Key Level

The weekly chart of Solana (SOL) shows strong bullish momentum, with the price now trading at $246.69, up nearly 3% in the last session. This move extends a rally that began in early August, pushing SOL above its key moving averages. The 50-week SMA ($180.40) and the 100-week SMA ($154.05) are both trending upward, providing a solid base of support. The long-term 200-week SMA ($101.71) remains well below current levels, highlighting the strength of Solana’s multi-month uptrend.

What stands out is Solana’s attempt to reclaim levels last seen in late 2021, when it reached its all-time high above $260–$270. Currently, SOL is testing resistance in this critical zone. A successful breakout above $270 could pave the way for another retest of all-time highs near $300–$320, while failure to hold momentum here may result in a pullback toward the $200–$210 support region.

Institutional accumulation, as reported recently, continues to provide bullish tailwinds. Combined with improving macro sentiment after the Fed’s rate cut, Solana’s technicals suggest that bulls remain firmly in control. However, traders should remain cautious of potential profit-taking at these elevated levels, given the significance of historical resistance in this area.

Featured image from Dall-E, chart from TradingView